Power Tools Market 2022 – Segments Analysis, Industry Trends,
Manufacturers Analysis, Opportunities and Market Size & Forecast 2030
Page: 367 | Report Code: CM22110602 | Research Suite: Report (PDF) & Market Data (Excel)
INTRODUCTION
Power Tools include, among other things, tools for
building, gardening, cleaning, drilling, painting, and heating. Increased
interest in gardening and landscaping, as well as an increase in disposable
income and a better lifestyle, are all contributing to the expansion of the Power
Tools Market. The growing construction sector in emerging nations, high demand for
power tools in the automotive industry, increased use of battery-powered power
tools globally, and surging demand for electric fastening tools in the
industrial environment are all contributing to the market's expansion. However,
obstacles such as the high cost of power tool repair and replacement parts, as
well as changes in raw material costs, are limiting market expansion. On the
other hand, increasing acceptance of fastening tools in the wind energy
industry, the development of smart and connected power tools, and increased
demand for power tools from residential applications are all likely to generate
significant prospects for power tool adoption in the coming years. The power
tool industry is segmented, with several companies present. Strategic partnerships
and mergers and acquisitions are being formed by industry participants in order
to provide competitive differentiation and strengthen their product portfolio. The
global market has a high level of competition. The key players are involved in
technological innovation and advancement to improve the features and ease of
use of the product.
GROWTH DRIVERS
Power
tool sales are boosted by increased demand from the construction industry as a
result of enhanced infrastructure initiatives. In the construction sector,
power tools are used because they provide better efficiency and accuracy, as
well as increased worker safety. The construction industry's rise stimulates
demand for power tools, resulting in sophisticated infrastructure advancements.
In the construction business, power equipment like drills and hammers are
commonly employed.
Technological
advancements in battery technology and the use of electric power tools in
industrial and residential applications are expected to drive demand for
electric corded power tools. The growing demand for DIY techniques for home use
is propelling segment demand. The market revenue is being driven by the
increasing demand for flexible, mobile, and compact tools.
Due to
strong government support and rising income levels, the construction sector in
emerging nations such as India and China are predicted to increase
significantly, fueling the expansion of the power tools market. India has spent
roughly one-ninth of its GDP on infrastructure development in recent years, and
this trend is expected to continue in the coming years. The utilization of
power tools in India is expected to increase as infrastructure improvement
efforts increase. Furthermore, prominent players' continuous advancements in
power tools help to boost their demand. For example, in November 2019, Dremel,
a Bosch brand, released the Dremel Lite multi-tool, a compact cordless device
line.
Power
tools are developed using raw materials like resins, ferrous and non-ferrous
metals such as steel, zinc, copper, brass, aluminum, and nickel. Battery packs,
motors, and electrical components are all included in power tools. The
availability of raw materials for power tool manufacturers is extremely
important. Manufacturing interruptions, delays, inefficiencies, or the
inability to market products could all be caused by fluctuating raw material,
component part, or finished goods costs. Raw materials for power tools can be
found all over the world and can usually be found at competitive prices from
many suppliers.
POWER TOOLS
MARKET SEGMENTATION
By Tools Type
·
Drilling and Fastening Tools
o
Drills
o
Impact Drivers
o
Impact Wrenches
o
Screwdriver and Nutrunners
·
Demolition Tools:
o
Rotary Hammers/Hammer Drills/Demolition Hammers/Air
Hammers
·
Sawing and Cutting Tools:
o
Jigsaws
o
Reciprocating Saws
o
Circular Saws
o
Band Saws
o
Shears and Nibblers
·
Material Removal Tools:
o
Sanders/Polishers/Buffers
o
Air Scalers
o
Grinders
§ Angle Grinders
§ Die and
Straight Grinders
·
Routing Tools
o
Routers/Planers/Joiners
·
Others (Measuring and Layout Tools, Laser Tools, Dust
Extractors, Glue Guns, and Heat Guns)
By Mode of
Operation
·
Electric
o
Corded Tools
o
Cordless Tools
·
Pneumatic
·
Others
By Application
·
Industrial/Professional
·
Construction (Concrete and Woodworking)
o
Facility Management
·
Automotive (Metalworking/Metal Fabrication)
·
Aerospace (Metalworking/Metal Fabrication)
·
Energy (Metalworking)
·
Shipbuilding (Woodworking and Metalworking)
·
Other Industries (Mining, Oil & Gas, and
Electronics)
·
Residential/DIY
o
Furniture
By Distribution
Channel
·
Online
·
Offline
By Region
·
North America
·
Europe
·
Asia Pacific (APAC)
·
Latin America
·
Middle East & Africa
REGIONAL
OUTLOOK
The market has been segmented into North America (the United States, Canada, and Mexico), Europe (Germany, the United Kingdom, France, Italy, Russia, and the rest of Europe), Asia-Pacific (China, India, Japan, and the rest of Asia-Pacific), and the rest of the world (LAMEA: Latin America, Middle East, and Africa). Throughout the study period, Asia-Pacific is expected to have the largest market share. Because of the rise in disposable income in economies such as Argentina, Nigeria, and Columbia, LAMEA is the fastest growing regional market for power tools. The urban growth and an increase in e-commerce enhanced the market of power tools.
KEY COMPANIES IN
POWER TOOLS MARKET
The research
report offers a competitive analysis of prominent companies operating in the
global power tools market. Some of the leading players profiled in the market
research report include:
·
Robert Bosch Power Tools GmbH
·
Stanley Black & Decker, Inc.
·
Makita Corporation
·
Hilti Corporation
·
Atlas Copco AB
·
Techtronic Industries Company Limited
·
Snap-on Incorporated
·
Actuant Corporation
·
Husqvarna AB
·
Illinois Tool Works
·
Panasonic Corporation
·
Hitachi Corporation
·
Ingersoll Rand, Inc.
·
Enerpac Tool Group
·
Kyocera Corporation
·
Apex Tool Group
·
Ridgid Tools
·
Koki Holdings Co., Ltd.
· Other Players